前沿資訊!中信證券:主題交易頂峰已過 市場重回業(yè)績驅(qū)動(dòng)
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證券時(shí)報(bào)e公司訊,中信證券(600030)研報(bào)表示,疫后經(jīng)濟(jì)全面系統(tǒng)性恢復(fù)是漸進(jìn)和漸次的過程,飛輪重新旋轉(zhuǎn)需要時(shí)間和耐心,主題交易是過高的經(jīng)濟(jì)預(yù)期下修過程中的階段性產(chǎn)物,過度博弈降低了市場定價(jià)的有效性,但也提高了業(yè)績驅(qū)動(dòng)策略的潛在回報(bào),主題交易的頂峰已過,重回低位業(yè)績驅(qū)動(dòng)板塊。首先,服務(wù)業(yè)修復(fù)轉(zhuǎn)化成為全面的就業(yè)增長以及信心恢復(fù)是漸進(jìn)的過程,當(dāng)前壓制經(jīng)濟(jì)的價(jià)格性、滯后性和全球性因素在下半年或漸次緩解。其次,隨著當(dāng)前經(jīng)濟(jì)增長預(yù)期降至冰點(diǎn),主題交易階段性結(jié)束,主題板塊內(nèi)部的激烈博弈和消耗難以持久。最后,市場的存量博弈特征已演繹到極致,缺乏板塊效應(yīng)成為制約不少績優(yōu)股定價(jià)有效性的因素,但業(yè)績驅(qū)動(dòng)策略的長期潛在回報(bào)反而不斷提高,市場或重回業(yè)績驅(qū)動(dòng)。
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